The first time you buy a home, it can feel like learning a new language. Earnest money, remedy request, escrow, PMI… most buyers encounter these terms for the first time mid-process and wonder if they missed a memo.
There’s no official memo, secret handshake, or real estate dictionary for buyers. But you don’t need one. Your REALTOR® is here to translate all that industry lingo into plain English and make your experience seamless.
We asked our agents about the questions they get from first-time buyers and the ones they wish buyers asked more often. You’ll definitely want to bookmark this page for quick reference when you’re ready to buy!
8 Questions to Ask a REALTOR®
- How do I get started?
- What can I afford, and what are closing costs?
- How long will the process take, and how many homes should I see?
- What are the steps in buying a home, from start to finish?
- Should I buy a fixer-upper?
- Is a home inspection really necessary?
- How do I know if a home is priced fairly, and what’s earnest money?
- When do I need my money, and when do I get the keys?
1. How do I get started?
Before you spend an afternoon scrolling through listings or driving by open houses, REALTORS® Ross Nusser and Hope Nusser recommend doing two things: finding a real estate professional you trust, and connecting with a local mortgage loan officer to get preapproved for a loan.
“Start by asking friends and family for recommendations,” Hope says. “Meet with a few agents to find someone you connect with. Buying a home is a team effort, and good communication is key throughout the process.”
Preapproval sets the upper guardrails for your price range and tells sellers you mean business. From there, you can calculate what realistically fits your monthly budget. Preapproval also gives you a competitive edge in a fast-moving market.
2. What can I afford, and what are closing costs?
Tricia Van Roekel
When it comes to the numbers, look beyond the purchase price. You want to pay attention to your monthly payment and the cash you’ll need at the closing table. The latter varies depending on the type of property you fell in love with.
REALTOR® Tricia Van Roekel recommends talking to the bank as soon as possible. She also walks first-time buyers through property types.
“A condo means you own the walls inside your unit. A townhouse is a type of condo. A zero-lot is a single-family home that shares one adjoining wall with a neighbor.”
Condominiums often carry the highest upfront fees because lenders need in-depth financial questionnaires to verify the health of the association. Some associations charge a small move-in fee, often around $50, though many charge nothing at all.
Townhouses are treated like condos when it comes to financing. Lenders still require the association to be in healthy standing, and buyers can expect the same in-depth financial review. The main difference is structural, not financial. Townhomes don’t have neighbors above or below, only shared walls on the sides.
Finally, zero-lot-line homes often bypass HOA fees entirely. You don’t have upfront capital contributions, but you may see minor title or recording fees to document shared-wall or easement agreements.
Tricia advises buyers to plan for around $1,800 in closing costs if they work with a local bank. She recommends sticking with a local lender when you can—they know the fees and specifics of this area, and in a competitive offer situation, sellers often feel more confident with a lender who’s familiar with local timelines and closing processes.
3. How long will the process take, and how many homes should I see?
Phil O’Brien
“Most homes close in about 30 to 45 days,” says REALTOR® Phil O’Brien. “But that’s just an average. I’ve had homes close in as quickly as two weeks and some that took several months.”
And if you’re wondering how many homes you should plan to see, Phil says, “As many or as few as it takes. You’ll know when you like or love a home enough to write an offer, and that’s completely independent of the number of homes you’ve seen.”
He tells first-time buyers to think of their home as an investment in their future. More first-time buyers are skipping their starter home and holding out for their forever home, but many still move on from their first property. The place you love now can be a stepping stone to whatever comes next.
Ross and Hope always encourage first-time buyers to explore a variety of homes until they find the one that fits their lifestyle, needs, and budget.
“Each home teaches you something about what you want and what you don’t want,” Ross says.
4. What are the steps in buying a home, from start to finish?
Jan Crosby
Knowing what to expect takes the mystery out of the home-buying process, which is why REALTOR® Jan Crosby recommends starting with an agent consultation.
“I go through a consultation with the buyer and explain the steps in the process,” says Jan. “Timing depends on the season and what’s available. Once an offer is accepted, closing usually happens somewhere between 30 and 60 days out.”
During that critical window, Jan tells her buyers not to rush and to avoid buying appliances or furniture before closing. That’s because new credit accounts or big purchases can affect your credit score and cause issues with your loan approval when you’re on the verge of closing.
5. Should I buy a fixer-upper?
Natasha Wendt
It’s a tempting idea, especially if a fixer-upper comes with a lower price tag or a little extra space. But you have to assess your lifestyle before you make the call, says REALTOR® Natasha Wendt.
“It depends on how handy you are, but most folks aren’t as great at getting all those projects done as they imagine themselves being.”
Because a home is a major investment, Natasha advises buyers to think beyond the renovation question. “If you don’t already have a rainy day fund, start one now that you own an asset like real estate, and if you have a child, get a will in place.”
Those safety nets are critical for all homeowners, but they’re especially important when you’re navigating the unexpected costs of a fixer-upper.
6. Is a home inspection really necessary?
Skipping the home inspection might seem like an easy way to save a little cash or speed up your timeline. But it’s a costly gamble.
“A home inspection is one of the best investments you can make,” say Ross and Hope Nusser.
“An inspection helps you understand what you’re really buying. While no home is perfect, an inspection helps identify potential safety concerns, major defects, maintenance issues, and even smaller cosmetic items that may need your attention in the future.”
Depending on the inspection findings, you can often negotiate repairs or credits with the seller before closing instead of discovering issues after you move in.
7. How do I know if a home is priced fairly, and what’s earnest money?
Becky Halsch
Once you find the home you want, your most pressing questions will likely gravitate toward the paperwork and pricing. This is where an agent’s knowledge of the local market is your biggest asset.
“The listing agent has likely performed a market analysis to help the sellers determine an appropriate listing price,” says REALTOR® Becky Halsch. “I’ll do an analysis on your behalf to help us offer a fair price.”
Once the seller accepts your offer, you’ll submit your earnest money. “It’s a good-faith deposit you put down as a buyer, after your offer is accepted, to show you’re serious about purchasing the home,” Becky explains. “You’ll get this money credited back to you at closing.”
The paperwork also protects you if things change. For example, if the inspection turns up an issue, your agent can determine its severity and ask the seller to repair or replace the item as part of a remedy request.
These steps take patience, which is why Becky always reminds buyers: “Take the appropriate amount of time to find the right house. This is likely the biggest purchase you’ll ever make.”
8. When do I need my money, and when do I get the keys?
Maria McCaw
The calendar starts moving fast once you’re officially under contract. You’ll save yourself a ton of stress if you know exactly what’s ahead.
“Typically our purchase process from agreed purchase contract to closing is 30 to 45 days, but it can vary,” says REALTOR® Maria McCaw.
Funds are due at the time of closing, and in Iowa, buyers usually get possession the same day. Since that timeline moves quickly, Maria recommends asking every question that comes to mind—the more information you have to work with, the better decisions you’ll make throughout the process.
Ready to Start Asking Questions
We’ve created the list of questions above as a starting point. But you’ll likely add to your list depending on your budget, your goals, and the neighborhood you want to call home. That’s exactly what you’ll map out during your first conversation with your agent.
At Urban Acres, our agents are here for the service, not the sale. Our job is to hand you the information and let you make the call yourself.
Connect with one of our agents to start the conversation whenever you’re ready.
